I have been advised by the Export Credits Guarantee Department's accounting officer that, in his view, the risks involved in giving medium-term guarantees for exports to, and investments in, Jordan under sections 1(1) and 2 of the Export and Investment Guarantees Act 1991 do not meet ECGD's normal underwriting criteria.

However, in view of the importance which the Government attach to assisting the economic development of Jordan, given its key role in the middle east peace process, I have instructed him to make arrangements for such guarantees to be issued in support of commercially viable projects which will benefit Jordan's economy. These guarantees will be excluded from ECGD's break-even objective for new business.